Webster Bank is offering four checking account bonuses with values that range from $50 to $100. The amount of the bonus depends on the checking account that is opened. As you might expect, the higher the bonus, the harder it is to avoid the monthly fees. Webster Bank used to have the Totally Free Checking account, but this changed to the Value Checking which has potential monthly fees.
The offer is scheduled to end on 6/22/2012.
To qualify for the bonus, the customer must complete one of the following by 7/20/2012:
- 1 direct deposit, OR
- 10 Visa check card purchases, OR
- 5 online bill payments
The following is the small print of the offer:
Promotion valid for new checking accounts opened between 04/28/2012 and 06/22/2012 by residents of NY, MA, RI and CT meeting minimum opening balance requirements. Customer must complete: 1 Direct Deposit (Direct Deposit transactions are limited to payroll, social security, pension and government benefits. PayPal® transactions are excluded); OR 10 Visa Check Card transactions using Signature or PIN (ATM withdrawals are not eligible) OR 5 Bill Payments through Websteronline.com to a third party. Qualifying transactions must be completed by 07/20/2012. To be eligible, the primary customer must not have had an open checking account within the past 60 days at Webster Bank. Account must be in good standing at the time of payment; an account is considered to be in good standing if it has a positive balance and is not in the process of being closed. The amount of payment will be determined by the account type at payment date. All funds will be transferred into the newly established checking account by 08/17/2012. All amounts will be reported to the IRS and customer is responsible for any applicable taxes.
Below the small print in the promotions page, the bank lists the monthly fees of the four different checking accounts and how the fees can be waived.
$50 Refer-a-Friend Bonus
Webster Bank is also offering a refer-a-friend bonus in which both the current customer and the new customer can receive $50. The details are in the promotions page.
According to the small print, the offer is limited to residents of NY, MA, RI and CT. It appears that you can open the checking account online. The first page of the application has a box for the offer code, but I don't see a code mentioned in the promotions page. Opening at a branch may be easier. Branches are located in Southern New England and Westchester County, New York. Most of its branches are located in Connecticut.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 8.73% (above average) based on December 2011 data. Please refer to our financial overview of Webster Bank for more details. The bank has been a FDIC member since 1960 (FDIC Certificate # 18221).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.